Galeries Lafayette plans growth following strong 2023

Published: June 20th, 2024
Written by: Editorial Team

Nicolas Houzé, CEO of Galeries Lafayette, has outlined ambitious growth plans for 2024.

Nicolas Houzé, CEO of Galeries Lafayette, has outlined ambitious growth plans for 2024, aiming to reach revenue levels comparable to those of 2019. The group’s combined revenue from its French and international stores is projected to rebound after a successful 2023, which saw an 8% increase in sales compared to 2022.

Recovery and expansion strategy

Despite significant revenue losses during the pandemic years of 2020 and 2021, Galeries Lafayette has regained momentum. Houzé attributes this resurgence to strategic investments totaling approximately €400 million, focusing on store modernization, logistics improvements, and digital transformation.

The flagship ‘Coupole’ branch on boulevard Haussmann in Paris underwent extensive renovations during the closures of the pandemic. Investments in lighting, air conditioning, structural enhancements, and revamped store layouts have revitalized the customer experience.

International expansion and partnerships

Galeries Lafayette is expanding its global footprint, aiming for overseas operations to account for 15% of its revenue by 2028. Initiatives include opening new branches in China and negotiating franchising agreements in Saudi Arabia, Qatar, and India with partners like the Aditya Birla group.

Future projects and investments

Looking ahead, Galeries Lafayette plans to invest €400 million over the next five years. Major projects include upgrading stores in Lyon-Bron and Bordeaux, along with renovating the menswear building in Paris. These endeavors underscore the group’s commitment to enhancing its retail network and organizational capabilities.

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